Once again up to $7.29............and couldn't break through. The pros will not let this break through. If it does, it won't hold.
How do I reason a re-test of $6.65. The pros have time on their side. You have a bunch of over-exhuberant retail investors just waiting for a breakout who will have their conviction and morale crushed when it doesn't breakout. Investing is psycholgical too. Their machines trump emotion.
This will end the day lower than $7.20. Seasonality will come to an end. A correction will come, probably during the sell in May and go away period. Not only will it re-test $6.65, it will probably go lower. I will be happy taking profits at $6.75 but I may hold out longer if the correction is severe. I will adjust accordingly.
While optimism and over exhuberance rules many on here, I let realism rule mine. I am totally adaptable as the situation warrants. But remember, I nver said LEG was a bad company nor do I wish anyone a loss so that I can profit. At some point I will go long.